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Electronic settlements encouraged

Chhut Bunthoeun / Khmer Times Share:
NBC’s Retail Payment System allows interbank transfers using a smartphone. KT/Siv Channa

The National Bank of Cambodia (NBC) is encouraging the use of electronic methods for settlements rather than using cash to prevent the possible spread of the COVID-19 pandemic.

The central bank has called on and encouraged, particularly all government relevant organisations, banking and microfinance institutions, to jointly implement the announcement by using electronic services in transactions and clearances where possible.

The move follows increasing infections in the country. “For Canadia’s customers, you can make financial transactions through our multi-functional Mobile Banking App or internet banking.

With these channels you can safely operate any transactions from home or anywhere,” the bank said on a Facebook post after the NBC’s announcement was released. ABA Bank Cambodia has also suggested its customers use digital transactions through which payment can be made with a QR code or ABA Contactless Card.

Research by Visa Cambodia into consumer attitudes around different forms of payments found some 79 percent of those surveyed expected to use electronic payments in supermarkets, 61 percent in large shopping malls and 49 percent in chain and convenience stores.

A WHO spokesperson said customers should wash their hands after touching banknotes because COVID-19 may cling to the surface for days. That is a view a growing number of businesses around the globe have adopted as the fear spreads.

A US door-to-door delivery service recently reported it stopped accepting cash. A non-profit bookstore, Open Books in Chicago, also told its customer not to use cash. The Central Bank in South Korea reportedly took all banknotes out of circulation for two weeks.

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